BITCOIN BEARISH TREND FACES A NEW DIMENSION AS BULLS FAIL TO HOLD $10328 by E. Okorie, 21st of September, 2019
Bitcoin which has been bearish for over 4 weeks in a row now developed yet another strong bearish trend. The trend overcame the $10000 support level. The dilemma here shows that if bitcoin bearish trend prevails, bitcoinsok would crash up-to the $7400 - $7800 price range.
Bitcoin have faced heavy set backs within these past weeks including the US trade war with China . China created various tarrifs that would take effect from September 1st 2019 on US goods. This made bitcoin face a huge land slide. Recently, the uncertainty of the bearish trend has developed mixed reaction between analyst stating that though the price is bearish, it failed to hit a benchmark price of $9335 which would have triggered a major strong bearish pattern in the daily chart. Furthermore, the $9040 benchmark is still been tested and may just be the safe haven for the bulls within this consolidation period. Also, other alt coins such as Etherum, Dash and Litecoin face the same bearish trend and have not been favorable.
However, inasmuch bitcoin is bearish in nature, experts foresight revels that the price would definitely bounce back if the last support $9040 level is not broken. Bitcoin enthusiast are set to break the current $10600, $12300 and $13200 resistance. Bitcoin may just witnessed another all year high.